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| Author: | Schobert, F. |
| Title: | The Change-over to the Euro in Montenegro: Causes and Consequences |
| Journal: | IFO-Studien
2001 : VOL. 47:3, p. 283-310 |
| Index terms: | EURO EUROPE ANALYTICAL REVIEW MONETARY SYSTEM MONETARY ECONOMICS |
| Language: | eng |
| Abstract: | The article describes how the change-over to the D-mark worked and how the government influenced this process. It also shows, why the currency selection of an economy will be biased between low and high value transactions, if a local unstable currency and a foreign parallel currency coexist and how a government will cause distributionary effects, if it keeps the unsatisfactory loca currency in use. Then it is analyzed whether the implications of the Montenegrin approach to monetary stabilization are so special compared to former Yugoslav republics and some EU accession countries, regarding the fact, that their exchange rates can de facto behave as being firmly pegged, even though these countries have officially opted for rather flexible exchange rate regimes. |
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